THE FUTURE IS WHAT WE MAKE OF IT
At the outset of 2020, prognosis and warnings of a major economic crisis are still grabbing Lebanese headlines, as the crisis has worsened since Oct. 17, when nationwide protests against years of corruption and mismanagement erupted. Given the situation, it seems like we are on track to encounter a major recession. However, in every recession marketers find themselves in poorly charted waters because no two downturns are exactly alike. But by all accounts, this recession is the severest for Lebanon, as local economists have stated. The wave of bad economic news is eroding confidence and buying power, driving consumers to adjust their behavior in fundamental and perhaps permanent ways.
Also, there is a lurking fear that hangs over the head of most business people, notably employees not knowing what their fate will be in a month or two down the road. As for the head of businesses they are not exempt from the fear of having to close down if they don’t innovate because the days of business as usual is certainly over and now every execs and his team are forced to fetch for greener pastures in areas and lands that hadn’t been previously thought of.
As the outlook of the crisis remains precarious, and advertising in Lebanon keeps dwindling to a trickle, we polled seasoned senior executives to learn how their agency is coping and what measures they have been forced to take to minimise losses and avoid a downward spiral into deeper financial troubles. Although most acknowledge that the challenges are of daunting proportions, as they touch on every facet of the business, they do realize that they have to find new means to face this massive storm. We, in this part of the world, notably in Lebanon, are well rehearsed for such a task.
The good news though is that their belief in the value and importance of advertising to business, culture, society and the economy seems to prevent pessimism from overtaking an overall optimistic long-term outlook. Therefore, they seem to agree that all players need to give business a fresh molt of adrenaline, go back to basics, seek new horizons and pursue every lucrative source of profit.
Advertising agencies and the media bear a vital responsibility to convey this message scientifically and convincingly to all clients, a simple message highlighting the importance and necessity to advertise during all the seasons, so much so, that the exercise should be upped when the going is unhealthy.
It's the duty of communications men and women to toil away in order to break the cycle of fear and apprehension, wage their own revolution, and make this mantra "advertise or die" the main slogan.
Again, the future is what we make of it and a bright one is what we should strive for. We are all involved. It is our duty to succeed.